000 of taxes;
and thus they prevented the effect which would have been produced in
the redemption of the debt by such an annual sum. With respect to any
financial plans for the present year, the chancellor stated he should
reserve to himself the power of adopting that which the situation of
public affairs rendered most expedient.

{GEORGE III. 1818--1820}

FINANCIAL STATEMENT.

A series of financial resolutions was moved by Mr. Vansittart on the 3rd
of June. These resolutions stated, that by the removal of certain
taxes, the revenue of Great Britain was reduced by L18,000,000; that the
interest and charge of the funded and unfunded debt of Ireland exceeded
the whole revenue of the country by L1,800,000; that it was necessary to
provide, by a loan or other means, for the service of the present
year, the sum of L13,000,000, which, deducted from the sinking-fund
of L15,000,000, reduced it to L2,000,000; and that for the purpose of
raising this sinking-fund to L5,000,000, it was necessary to impose
annually the amount of L3,000,000. This sum parliament agreed to
raise by a large duty on foreign wools, and by smaller duties on other
articles, such as tobacco, tea, coffee, and cocoa-nuts. Two loans of
L12,000,000 each were also raised; one of them supplied by monied men,
the other derived from the sinking-fund. Out of these sums there was to
be a surplus, of which L5,000,000 were to go towards the repayment of
the debt due to the Bank, as recommended by parliament previous to the
resumption of cash-payments; and L5,597,000 to the reduction of the
unfunded debt. "In adopting this course," the speaker observed to the
prince regent at the close of the session, "his majesty's faithful
commons did not conceal from themselves that they were calling upon the
nation for a great exertion; but well knowing that honour, character,
and independence have at all times been the first and dearest objects of
the hearts of Englishmen, we feel assured that there was no difficulty
that the country would not encounter, no pressure to which she would not
cheerfully submit, in order to maintain pure and unimpaired that which
has never yet been shaken or sullied--her public credit and good faith."

CATHOLIC CLAIMS.

On the 3rd of May, after numerous petitions had been presented both
for and against the claims of Roman Catholics, this great question of
internal policy was again brought before the commons by the eloquent
Grattan. The